Unemployment Rate rises in October: The situation regarding employment is not getting better. In October last month, the unemployment rate in the country increased again. This situation is when the unemployment rate in cities fell by 124 basis points (1.24 per cent) on a monthly basis in October. Last month, the unemployment rate in villages increased due to lack of work. The unemployment rate in villages suddenly increased by 175 basis points (1.75 per cent).
These figures related to unemployment have been released by the private sector think tank Center for Monitoring of Indian Economy (CMIE). According to this, unemployment increased at the rate of 7.75 percent in October as compared to 6.86 percent a month ago.
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Unemployment rate at four-month peak in villages
In October, the rate of increase in unemployment in cities fell to a three-month low of 7.38 percent, while in villages the figure reached a four-month high of 7.91 percent. Although the data released by the private sector think tank has not revealed the number of people who lost their jobs, the spurt in the unemployment rate means that a large number of people were left with no work last month.
CMIE’s forecast about employment proved wrong
Unemployment fell by 146 basis points to 6.86 per cent in September compared to August, and during this period about 85 lakh employment opportunities increased. 40.62 crore people had employment in September, which was the highest since March 2020. However, this figure is still lower than the level before Corona when 40.89 crore people had jobs.
The rise in the unemployment rate has proved the CMIE’s forecasts wrong. CMIE MD and CEO Mahesh Vyas wrote in an article last month that employment opportunities may increase in the coming months during the festive season. According to the private think tank, employment opportunities can also increase in the retail trade industry and given its large size, it was estimated that the increase in employment opportunities in it will have a positive effect on overall employment.
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